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B&W Selected As Winner Of DOE’s Small Modular Reactor Program

Stocks in this article: BWC

The B&W mPower SMR is designed to provide 180 megawatts of carbon-free electricity. It is based on advanced integral pressurized water reactor technology which incorporates robust, passive safety protection systems within a fully underground containment structure. The B&W mPower design philosophy maximizes the use of proven, mature systems and components within an innovative plant architecture to reduce licensing and construction risks. The unique, security-informed, underground reactor building significantly improves plant security, and largely mitigates potential environmental impact and the effects of external events.

About B&W Headquartered in Charlotte, N.C., The Babcock & Wilcox Company is a leader in clean energy technology and services, primarily for the nuclear, fossil and renewable power markets, as well as a premier advanced technology and mission critical defense contractor. B&W has locations worldwide and employs approximately 12,700 people, in addition to approximately 10,400 joint venture employees. Learn more at www.babcock.com .

About TVA The Tennessee Valley Authority, a corporation owned by the U.S. government and provides electricity for business customers and distribution utilities that serve 9 million people in parts of seven southeastern states at prices below the national average. TVA, which receives no taxpayer money and makes no profits, also provides flood control, navigation and land management for the Tennessee River system and assists utilities and state and local governments with economic development.

About Bechtel Bechtel is among the most respected engineering, project management, and construction companies in the world. It stands apart for its ability to get the job done right—no matter how big, how complex or how remote. Bechtel operates through five global business units that specialize in civil infrastructure; power generation, communications, and transmission; mining and metals; oil, gas and chemicals; and government services. Since its founding in 1898, Bechtel has worked on more than 22,000 projects in 140 countries on all seven continents. Today, its 53,000 employees team with customers, partners and suppliers on diverse projects in nearly 50 countries. www.bechtel.com .

Cautionary Statement Regarding Forward Looking Statements B&W cautions that this release contains forward-looking statements regarding our ability to obtain funding that will support accelerated development of B&W mPower; the expected timing of the administration of the DOE funding program; mPower America’s ability to revitalize the U.S. commercial nuclear manufacturing infrastructure and create a significant number of new jobs; our optimism regarding our ability to deliver B&W mPower with the DOE’s support; our commitment to maximizing the return on the DOE funding; our expectation that the DOE’s selection will accelerate the market adoption of B&W mPower and the creation of U.S. jobs and exports; and other statements about B&W mPower, to the extent such statements relate to management’s expectations and plans regarding the design, specifications and implementation of the B&W mPower reactor. These forward-looking statements involve a number of risks and uncertainties, including, among other things, adverse changes in U.S. Government appropriations; our inability to finalize terms and conditions on SMR funding with the DOE; our inability to finance B&W mPower research and development efforts; and adverse changes in the demand for or competitiveness of nuclear power. If one or more of these or other risks materialize, actual results may vary materially from those expressed. For a more complete discussion of these and other risk factors, please see B&W's filings with the Securities and Exchange Commission, including its annual report on Form 10-K for the year ended December 31, 2011 and subsequent quarterly reports on Form 10-Q. B&W cautions not to place undue reliance on these forward-looking statements, which speak only as of the date of this release, and undertakes no obligation to update or revise any forward-looking statement, except to the extent required by applicable law.

Copyright Business Wire 2010
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